10 Best Crypto Tax Software Apps (Jan 2022)
Crypto tax software is a tool that allows you to prepare your taxes for your cryptocurrency assets. It allows you to calculate the profit and loss from cryptocurrency trading, calculate capital gains or losses, and take deductions on expenses.
In many cases, this sort of software also includes a complete crypto portfolio tracker and analysis tool to get a bird’ eye view of all your crypto holdings across many different exchanges and wallets in one centralized interface. Crypto tax software also helps you calculate and file your crypto taxes easily.
Following is a handpicked list of Top Crypto Tax Software with their popular features, key statistics, pros and cons, and website links. The list contains open-source (free) and commercial (paid) software.
Best Cryptocurrency Tax Calculator
| Name | Free Trial | Audit Trail | Exchanges Supported | Import and Export Format Supported | NFT and Defi Taxes | Link |
|---|---|---|---|---|---|---|
| Koinly | No | Yes | Coinbase, Binance, Kraken, KuCoin, BitMex, HitBTC, Gemini, etc. | API or CSV files | Yes | Learn More |
| CoinTracker | Yes | Yes | Binance, Bitfflnext, FTC, Okex, Bistamp, Deribit, CoinSpot, Cex, etc. | CSV and Excel files | Not supported | Learn More |
| Crypto Trader | Yes | Yes | Coinbase, Binance, Kraken, Gemini, Celsius, Bittrex, Uphold, Bitstamp, Changelly, etc. | CSV files | No | Learn More |
| TaxBit | Yes | Yes | Bitcoin, Ether, Dogecoin, Litecoin, etc. | All. XLS and CSV | Yes | Learn More |
| CoinTracking | Yes | Yes | Bitbox, Binance, Bybit, FXT, Kraken,Kucoin, Uphold, Okex, Zerion, etc. | PDF, CSV, XML & JSON. | No | Learn More |
1) Koinly
Koinly is a crypto tax software that helps you produce a crypto tax report with just a few minutes of work. It allows you to have a preview of your capital gains tax for free, and you can even track your expected capital gains on crypto over time rather than getting a surprise once tax season rolls around.
Features:
- Automatically syncs your data from all sources.
- You can track your crypto assets & taxes.
- It helps you to find and fix issues with your transactions.
- You can track your portfolio across your wallets & accounts.
- Preview your capital gains on crypto.
- Allows you to download your tax documents.
Key Statistics:
Best for: Automating tax reports
Pricing: Four pricing plans: 1) Newbie – $49 per tax year 2) Holder – $99 per tax year 3) Trader – $179 per tax year 4) Pro – $279 per tax year
Free Trial: No
Audit Trail: Yes
Import and Export Format Supported: API or CSV files
Long / Short-term Calculation: Yes
Cash Flow Analysis: Yes
Cost Basis: Yes
Exchanges Supported: Coinbase, Binance, Kraken, KuCoin, BitMex, HitBTC, Gemini, etc.
Wallet Supported: Uphold, Block Chain, Electrum, Ledger, Trezor, Trust, Amon, Argent, etc.
Numbers of coins supported: 350+
NFT and Defi Taxes: Yes. However, NFTs should be added manually.
Country Supported: The web interface is simple to use and supports the US, UK, Canada, Australia, and many other countries.
Link: https://koinly.io/
2) CoinTracker
CoinTracker is an easy-to-use crypto tax software that helps you to start tracking your crypto portfolio, investment performance, and taxes by adding your first wallet or exchange. It provides support for 8000+ crypto assets and 300+ exchanges, and it also enables you to export your crypto tax reports to TurboTax or TaxAct.
Features:
- Accurately tracking cryptocurrency investment performance and taxes
- You can calculate your capital gains
- You can view your market value, investment performance, and portfolio allocation in real time
- Enables you to tax-loss harvest your portfolio to save thousands per year
- You can become fully compliant with cryptocurrency tax rules
Key Statistics:
Best for: Portfolio value tracking feature.
Pricing: 1) Free 2) Hobbyist – Starts at $59 3) Premium – Starts at $199 4) Unlimited- Contact support
Free Trial: Yes
Audit Trail: Yes
Import and Export Format Supported: CSV and Excel files.
Long / Short-term Calculation: Yes
Cash Flow Analysis: Yes
Cost Basis: Yes
NFT and Defi Taxes: Not supported.
Exchanges Supported: Binance, Bitfflnext, FTC, Okex, Bistamp, Deribit, CoinSpot, Cex, etc.
Wallet Supported: BitBox, Electrum, Exodus, GateHub, LedgerLive, Trezor, etc.
Country supported: ProvidesFull support for US, UK, Canada, and Australia and partial support for others.
Number of coins supported: 10+
Link: https://www.cointracker.io/
3) Crypto Trader
Crypto Trader offers an additional functionality focused on crypto income, making it a preferred solution for many crypto users who work in the bitcoin and, more significantly, the cryptocurrency industry. This crypto tax advisor guides your clients through a step-by-step process for importing their cryptocurrency transactions.
Features:
- Offers 100% Money-back guarantee
- You can deal with crypto that you obtained through mining, staking, gifts, airdrops, and forks
- Practical tax calculator
- You can import your transaction data easily from different crypto platforms
- Form 8949 & Income Reports
- It offers resources to increase your knowledge about the crypto world
- Provide complete audit support
- Offer tax-loss harvesting tool
Key Statistics:
Best for: calculating your crypto taxes in the USA
Pricing: Four pricing plans: 1) Hobbyist- $49 2) Day Trader: $99 3) High Volume- $199 4) Unlimited- $299
Free Trial: No, but the 14-day money-back guarantee.
Audit Trail: Yes
Import and Export Format Supported: CSV files
Long / Short-term Calculation: Yes
Cash Flow Analysis: Yes
Cost Basis: Yes
NFT and Defi Taxes: No
Exchanges Supported: Coinbase, Binance, Kraken Gemini, Celsius, Bittrex, Uphold, Bitstamp, Changelly, etc.
Wallet Supported: Exodus, Abra, Jaxx, Ledger, Trezor, and Trust.
Countries Supported: USA, UK, Canada, and others
Link: https://cryptotrader.tax/crypto-tax-accountant-tool
4) Taxbit
TaxBit is an online crypto tax application that helps you connect with the consumer and enterprise cryptocurrency tax experiences. One of the cheapest crypto tax software uses automation technology to sync your data and gives you final tax reports without any human intervention.
Features:
- It provides supports more than 150 exchanges and 2000+ currencies.
- Offers dashboard that shows you your tax position, asset balances, and unrealized profits/losses.
- Offers features like tax-loss harvesting and portfolio performance analysis.
- Designed by CPAs and tax attorneys.
Key Statistics:
Best for Integration support of Coinbase and PayPal.
Pricing: Three pricing plans 1) Basic: $50 per year 2) Plus: $175 per year 3) Pro: $500 per year
Free Trial: No
Audit Trail: Yes
Import and Export Format Supported: All .XLS and CSV
Long / Short-term Calculation: Yes
Cash Flow Analysis: Yes
Cost Basis: Yes
NFT and Defi Taxes: Yes- but need to add acquisition data.
Exchanges Supported: BTC, ETH, BCH, DOGE, LTC, BSC, and DASH.
Wallet Supported: BTC, ETH, BCH, DOGE, LTC, BSC, and DASH.
Numbers of coins supported: All exchanges
Countries Supported: USA.
Link: https://taxbit.com/
5) Coin Tracking
CoinTracking analyses are crypto tax calculating that helps you to trade and helps you to generate real-time crypto reports on profit and loss, the value of your crypto coins. You will also get updated information about the realized and unrealized gains, reports for taxes, and much more.
Features:
- 1250+ CPAs & Corporate Clients
- 12 Years of Historical Data
- 25 customizable crypto reports
- Enables you to share your data with crypto tax advisors
- Direct sync with the blockchain
- 2-factor authentication
- Instantly share your data with your accountant
- Crypto tax laws for 100+ countries
Key Statistics:
Pricing: Four pricing plans 1) Free 2) Pro- $10.99 per month 3) Expert– $16.99 per month 4) Unlimited- $54.99 per month.
Free Trial: Yes
Audit Trail: Yes
Import and Export Format Supported: Yes-PDF, CSV, XML & JSON.
Long / Short-term Calculation: Yes
Cash Flow Analysis: Yes
Cost Basis: Yes
NFT and Defi Taxes: No
Exchanges Supported: Bitbox, Binance, Bybit, FXT, Kraken, Kucoin, Uphold, Okex, Zerion, etc.
Wallet Supported: Trezo, ADA, BNB, DASH, TRX, XRP, MATIC, AVAX, etc.
Numbers of coins supported: 16,465 Coins
Link: https://cointracking.info/
6) Token tax
TokenTax is a cryptocurrency tax software made for calculating complicated taxes for your crypto exchanges so that you can file your taxes. It offers automation features to make tax reporting extremely simple and easy to handle.
Features:
- Allows you to automatically fill out your crypto tax forms for easy cryptocurrency tax filing.
- Dashboard tells you exactly about your unrealized gains and losses.
- You can keep track of your capital gains and trading performance.
- Tax-loss harvesting dashboard.
- It helps you to integrate automatically with exchanges to gather your data.
- You can calculate as well as file for your taxes.
Key Statistics:
Best for: integrations with popular exchanges
Free Trial: No
Pricing: Three main pricing plans 1) Basic $65/tax year 2) Premium- $199/tax year 3) Pro- $799/tax year.
Audit Trail: Yes
Import and Export Format Supported: CSV files.
Long / Short-term Calculation: Yes
Cash Flow Analysis: Yes
Cost Basis: Yes
NFT and Defi Taxes: Yes
Exchanges Supported: Binance, Bitmex, Bitpay, Cex.io, Coinbase, Deribit, Gemini, Kraken, Uphold, etc.
Wallet Supported: Biance, Bitmex, Bitpay, Cex.io, Coinbase, Deribit, Gemini, Kraken, Uphold, etc.
Numbers of coins supported: 100+
Link: https://tokentax.co/
7) Accointing
Accointing is crypto tax software that automatically helps you classify and calculate your crypto taxes in the USA. It offers tools to analyze your portfolio to make better moves in the future. According to HMRC guidelines, you can generate capital gains on crypto and income tax reports on your crypto transactions.
Features:
- It helps you to explore your crypto market.
- Calculates your gains and losses.
- You can create tax reports downloaded and used them for filing taxes.
- You can easily print crypto tax reports at any time.
- Provides a completed breakdown of all your transactions in a consolidated report.
- You can generate a file with all your transactions so you can quickly review them in Excel or Google Sheets.
- Provide portfolio analysis tools.
Key Statistics:
Pricing: Three pricing plans: 1) Hobbyist- $79- per month. 2) Trade-$199- per month. 3) Pro-$299- per month.
Free Trial: No
Audit Trail: Yes
Import and Export Format Supported: CSV files.
Long / Short-term Calculation: Yes
Cash Flow Analysis: Yes
Cost Basis: Yes
NFT and Defi Taxes: No
Exchanges Supported: Binance, Bitpanda, FTX, Kucoin, Kraken, OKEX, Poniex, Uphold, etc.
Wallet Supported: Atomic Wallet, Binance Chain, Bitcoin, Blade, Cardano, Coinbase, Dash, Dogecoin, Keepkey, LocatBitcoin, Polkadot, Ripple, etc.
Numbers of coins supported: 4500+ coins
Country supported: USA, United Kingdom, Austria, Switzerland, and Germany.
Link: https://www.accointing.com/solutions/crypto-tax-calculator
8) ZenLedger
ZenLedger is a crypto tax software that supports integration with more than 400 exchanges, including 30 Defi Protocols. With more than 15K customers, this crypto tax calculating application simplifies crypto tax to investors and tax professionals.
Features:
- Uses your cryptocurrency transaction history to generate a Schedule easily.
- It helps you to calculate your crypto profits and losses with the help of your transaction history.
- You can easily integrate with TurboTax.
- You can have access to a tax pro with all its plans.
- Tax-loss harvesting tools.
Key Statistics:
Best for: Tax professionals
Free Trial: Yes
Pricing: Four pricing plans 1) Free 2) Starter-$49 per year 3) Premium- $149 per year 4) Executive- $399 per year.
Audit Trail: Yes
Import and Export Format Supported: CSV & API.
Long / Short-term Calculation: Yes
Cash Flow Analysis: Yes
Cost Basis: Yes
NFT and Defi Taxes: Yes
Exchanges Supported: Binance, BlockGi, Cex.io, Coinbase Pro, Deribit, Coinswitch, Bitmex, FTC, Uphold, etc.
Wallet Supported: Bitpay, Coinomi, Exodus, Ledger, Trust Wallet, MyCrypto, Trezor, etc.
Number of coins supported: 400+ exchanges, 40+ blockchains, and 20+ DeFi protocols.
Supported countries: Across the world.
Link: https://www.zenledger.io/tax-pros
9) Bear Tax
Bear Tax is one of the best crypto tax software that helps you automatically import your transactions and helps you to calculate your taxes. This cryptocurrency tax software platform is perfect for casual traders and professional investors. It also allows you to prepare tax reports and send them to your CPA or the tax software you use. It does not provide support for margin trading.
Features:
- It helps you to prepare and file cryptocurrency taxes at ease
- You can import your trades from any crypto exchange that you are using
- Process transactions without asking for files or keys
- You can easily integrate with traditional tax software
- It helps you to calculate your crypto gains and losses
- On-chain transactions support
- Enables you to download auto-generated documents in PDF format like 8949, 1040, and more
Key Statistics:
Best for: Accurate historical price tracking
Pricing: Four pricing plans 1) Basic- $10 per tax year 2) Intermediate – $45 per tax year 3) Expert – $85 per tax year 4) Professional – $200 per tax year
Free Trial: No
Audit Trail: Yes
Import and Export Format Supported: API and CSV.
Long / Short-term Calculation: Yes, using HIFO/LIFO/FIFO methods.
Cash Flow Analysis: Yes
Cost Basis: Yes.
NFT and Defi Taxes: Semi Supported
Exchanges Supported: Binance, Coinbase, Gemini, KuCoin, Kraken, Exodus, Bitmex,etc.
Wallet Supported: Binance, Coinbase, Gemini, KuCoin, Kraken, Exodus, Bitmex, etc.
Numbers of coins supported: Supports more than 50 exchanges
Supported Countries: Australia, Canada, India, United States.
Link: https://bear.tax/accountants.html
10) CryptoTax Calculator
Crypto Tax Calculator performs tax calculations with a high degree of accuracy. It enables you to generate tax reports for all financial years. It is one of the most accurate crypto tax software solutions for investors and accountants. The site offers a full breakdown of each calculation to understand precisely how your taxes have been calculated.
Features:
- This one of the best crypto tax calculators offers an algorithm to calculate these and generate tax reports for you.
- Directly upload your transaction history via CSV or API integrations.
- It helps you effortlessly import the data into your tax software or forward it to your accountant.
- Covers NFTs, DeFi & DEX trading.
- IRS Form 8949 & TurboTax Support.
- Automatically categorize transactions.
Key Statistics:
Best for complex tax calculations
Pricing: 1) Basic: $10 per tax year 2) Intermediate: $45 per tax year 3) Expert: $85 per tax year 4) Professional: $200 per tax year
Free Trial: No
Audit Trail: Yes
Import and Export Format Supported: PDF and CSV files.
Long / Short-term Calculation: Yes
Cash Flow Analysis: Yes
Cost Basis: Yes
NFT and Defi Taxes: Yes
Exchanges Supported: Binance, BitBay, Bitbns, BlockFi, Changelly, Coinbase, Electrum, Kucoin, Leger, etc.
Wallet Supported: Binance, BitBay, Bitbns, BlockFi, Changelly, Coinbase, Electrum, etc.
Numbers of coins supported: 100+
Supported countries: Greece, Japan, Portugal, USA, UK, Sweden, etc.
Link: https://cryptotaxcalculator.io/us/
How to Choose the Best Cryptocurrency Tax Software – Buyer’s Guide
You need to consider a few attributes when purchasing the best cryptocurrency software for tax preparation.
Step 1) Your crypto tax software should allow uploading multiple types of CSV files and data, as well as connecting APIs and wallets seamlessly.
Step 2) You should look for the best cryptocurrency tax software which ensures the safety of your data.
Step 3) The software platform should automatically generate needed tax forms and support more advanced tax situations.
Step 4) It should allow file exporting to all major tax filing platforms, like TaxAct or TurboTax.
Step 5) The cryptocurrency and bitcoin tax software should come with solid customer support.
Step 6) You should check the data transfer capacity of the software.
Step 7) You should also look for software with adequate bandwidth to handle your cryptocurrency transactions.
Step 8) Lastly, you should look for the number of cryptocurrency tax software integrations.
FAQ:
❓ What is Crypto Tax Software?
Crypto tax software is a computer program that makes it easier for you to handle the taxes associated activities in the cryptocurrency market.
In several cases, this sort of software will also include a complete crypto portfolio tracker, which allows you to get a bird’ eye view of all your crypto holdings across many different exchanges and wallets in one centralized interface.
✔️ What are the Best Crypto Tax Software?
Following are the best Crypto Tax Software:
- Koinly
- CoinTracker
- Crypto Trader
- Tax bit
- Coin Tracking
- Token Tax
- Accointing
- ZenLedger
- Bear Tax
- Crypto Tax Calculator
🚀 What is FIFO vs LIFO?
FIFO and LIFO are short-form names for inventory systems. In a FIFO system, inventory is sold on a first-in, first-out basis, which means the old stock is sold first, while in a LIFO system, the last in is the first out.
For example, your grocery store uses FIFO system that the fresher bread or milk gets sold first. The same holds for cryptocurrency, and most traders use a FIFO inventory, selling their oldest crypto first.
However, you can use either system; FIFO typically offers the most tax benefit. A FIFO system allows you to sell long-term assets before short-term ones, since long-term gains are taxed at a lower rate.
🏅 Which of your Crypto activities are taxable?
Following are Crypto activities are Taxable:
- Exchanging your cryptocurrency for another cryptocurrency.
- Selling your crypto for fiat (USD, EURO, GBP, AUD, etc.
- You can use your crypto assets to pay for goods or services.
- When you receive cryptocurrency as earnings through mining or as payment for services offered to a third party.
❗ How does Crypto Tax Software work?
Crypto tax software tools use various connections with cryptocurrency exchanges and wallets. The integration between the software apps, exchanges, and crypto-wallets makes this process seamless:
Step 1) Add your exchange accounts to the software via API or CSV files.
Step 2) You can connect your blockchain wallets using public keys.
Step 3) After that, you can preview your capital gains on your crypto.
Step 4) The crypto tax software enables you to download the tax documents, such as Form 8949, Schedule 1, and Schedule D.
Some cryptocurrency tax software tools also allow you to download more comprehensive reports of your portfolio’s performance and overall transactions.
👉 How do I keep track of Crypto Tax?
To report your taxes, you must keep track of the cryptocurrency name, the date you’ve in your portfolio. You should also remember the date you’ve sold or traded in a crypto exchange.
It allows you to keep track of the cost basis, gains, sales prices, and other relevant information. The best crypto tax calculator also helps you keep track of all this data for you and presents you with accurate and downloadable tax reports you can file with the IRS.
💥 How will be Crypto on PayPal be Taxed?
Crypto on PayPal will be taxed the same way as any other fiat currency, which means that crypto on PayPal is not a tax-free payment method. So, If you have received cryptocurrency in exchange for your work, it’s essential to report this as income and pay taxes accordingly.
🏅 How to avoid paying taxes on Crypto?
Here are some essential strategies to minimize your tax burden.
- You can use a Roth IRA to purchase paper crypto in bitcoin and crypto ETFs and trusts (such as Purpose Investment’s BTC ETF). This enables you to use the money you’ve already paid taxes to invest in Bitcoin to avoid capital gains).
- If it is a year ends and you are losing money on your crypto positions, sell your crypto, book your loss, and then buy back. This will undoubtedly reduce taxes.
- Abandon your citizenship and move to another country that doesn’t tax capital gains.
❓ How to file Crypto Taxes in USA?
Here are five simple steps to file your Crypto tax:
Step 1) First, evaluate the market value of the cryptocurrency on the day bought/sold.
Step 2) Determine the correct taxable event.
Step 3) Determining the tax basis.
Step 4) Keep a provision for Bitcoin loss.
Step 5) Reporting of income and capital gains on crypto.
🚀 Are Crypto to Crypto Trades Taxed?
Yes, you need to pay tax crypto to crypto trades. Since you are either earning or losing on these sales, you should keep track of them and report them to the IRS using form 8949.
👉 Do I have to pay tax if for transferring Crypto from Wallet to Wallet?
If you want to transfer Crypto from one wallet to another, it will be considered an income, and taxes would have to be paid accordingly. However, there will be no tax implications if you transfer crypto from wallet to wallet or crypto exchange for other cryptocurrencies.
